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Lagos to finance transition to low carbon economy

The Lagos State Government says it will mobilise resources to finance the transition to a low-carbon economy and support those affected by the impact of climate change.

Tokunbo Wahab
Lagos State Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab

Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, stated this at the 10th Lagos State International Climate Change Summit on Tuesday, June 11, 2024.

The theme of the summit is: “Accelerating Climate Finance and Championing Local Adaptation Initiatives.”

Wahab said the state government was determined to create livable and resilience infrastructure that would withstand the impact of climate change in Lagos state.

“This year’s summit is therefore not just a forum for discussion, but a clarion call for action.

“We must accelerate our efforts to mobilise climate finance and channel it towards projects that prioritise local adaptation initiatives.

“This means investing in infrastructure that can withstand the impacts of climate change, empowering communities to develop climate-resilient livelihoods, and enhancing our capacity to respond to climate-related disasters,” Wahab said.

He said that it was important to champion the voices of those most affected by climate change – particularly vulnerable communities who often bear the brunt of its consequences.

“We must embrace their knowledge, experiences, and perspectives as valuable resource to shape effective adaptation strategies that are grounded in local realities.

“From the inaugural summit to this momentous occasion, celebrating a decade of climate change summit, we have witnessed a transformative shift in global consciousness towards climate action,” Wahab said.

He said that each summit had been a steppingstone, building upon the achievements of the last, propelled forward by the tireless efforts of countless climate heroes.

“Over the past decade, the Lagos International Climate Change Summit has served as a platform for dialogue, collaboration, and innovation in addressing climate-related issues in the state.

“From promoting renewable energy to implementing sustainable waste management practices, we have made significant strides in integrating climate actions in Lagos State Development Investment Opportunities and building resilience in the face of climate variability.

“But amidst the celebration of past achievements, we are also confronted with the stark realities of our present situation,” Wahab said.

He said the global sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) report serves as a sobering reminder of the urgency of our situation and need for immediate action.

Wahab quoted the IPCC Chair, Hoesung Lee, as saying that mainstreaming effective and equitable climate action would not only reduce losses and damages for nature and people but provide wider benefits.

Wahab said that the statement underscored the urgent reality that climate change is not waiting for us – we are running out of time.

“The solution to this lies in climate resilient development which involves integrating measures to adapt to climate change with actions to reduce or avoid greenhouse gas emissions in ways that provide wider benefits.

“This year’s summit theme – Accelerating Climate Finance and Championing Local Adaptation Initiatives aims to explore ways of attracting climate finance into the adaptation space.

“As we embark on this three-day journey of deliberation and collaboration, let us remain steadfast in our commitment to safeguarding our planet for future generations.

Together, we can turn the tide against climate change and build a more sustainable, equitable, and resilient future for all,” Wahab added.

By Fabian Ekeruche

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